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Johannesburg - Agang Cabling Solutions, a small technology company, has applied for the liquidation of the JSE-listed ICT company Square One.
According to Agang chief executive Deon du Plessis, Square One has owed just under R1m for about a year.
He has now turned to legal action and submitted an application for liquidation to the high court. Square One has indicated it will oppose the application.
Du Plessis claims Square One offered to buy his company in exchange for work executed. He had agreed to this.
"Seven months after the acquisition I have still received no documents and there has been no indication of how far the acquisition has progressed," he explains.
Craig Alexander, chief executive of Square One, declares the application offensive and frivolous.
The company denies that its owes Agang any money, and says the application is directed at a company, Structured Networks, which no longer has any links to Square One.
According to legal documents in Sake24's possession, this application represents a test of whether Square One is financially sound. In its financial year to the end of December Square One's turnover rose 27% to R207.7m, and its after-tax profit fell from R5.3m to R83 000.
Last year Square One was involved in a dispute with Tecor, a technology company, concerning a R400m Telkom contract for the installation of optical fibre network to, inter alia, stadiums for the 2010 World Cup soccer tournament
- Sake24.com
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